On July 9, Mifflin Company receives an $7,400, 90-day, 10% note from customer Payton Summers as payment on account. What entry should be made on the maturity date assuming the maker pays in full, and no adjusting entries have been made related to the note? (Use 360 days a year.)
Multiple Choice
Debit Cash $7,523; credit Interest Revenue $123; credit Notes Receivable $7,400.
Debit Cash $7,400; credit Notes Receivable $7,400.
Debit Notes Receivable $7,400, debit Interest Receivable $185; credit Sales $7,585
Debit Cash $7,585; credit Interest Revenue $185; credit Notes Receivable $7,400
Debit Cash $7,540, credit Interest Revenue $140; credit Notes Receivable $7,400
